Are you missing this key step in your dunning process?

Posted by Sushma Ashutosh on Nov 19, 2020 1:30:00 PM

to dun (dŭn) tr.vbto make repeated and insistent demands upon, especially for the payment of a debt; often involves escalating degrees of intensity; term first recorded in English in 1620–30. 

You’d be hard pressed to find many people who actually enjoy chasing down clients for late payments, but it’s a challenge that businesses have had to deal with for as long as people have been trading products and services… Payments are sometimes late, and tough economic times only put more pressure on accounting teams to recover payments and balance the books each month.

If the process of chasing down payments—a.k.a., “dunning” in accounting parlance—has in fact been around since at least 1620, then you’d think that someone would have come up with a no-fail way to guarantee timely payment by now. 

Yet, while no single methodology can guarantee timely revenue recovery, you can take steps to improve your quote-to-cash process. Our recommendation: Implement a solid dunning management strategy that caters to your customers’ ways of doing business with you.

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Topics: billing, SaaS, recurring revenue, automation, performance economy, churn

Announcing multi-entity management and reporting support for global scale

Posted by Sameer Gulati on Nov 12, 2020 4:05:00 PM

Our team is on a mission to help companies compete on a global scale through the Ordway platform. Today, I’m proud to announce our release of multi-entity billing and revenue management which means businesses can expand internationally with ease.

As your business grows, the last thing you want to worry about is if your finance stack will scale with you. I commissioned our team to leapfrog the limitations of legacy software and find solutions to multi-entity support that historically were only available to the Enterprise. Historically, only costly and clunky legacy ERP software could support multi-entity companies with their billing and accounting needs. This translated into manual workarounds and spreadsheets and hundreds of thousands spent on software fees and professional services, placing a drag on even the most nimble companies.

Today, companies can run their business units independently and still unify billing, revenue schedules, and reporting within one system on the Ordway billing and revenue automation platform.

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Topics: billing, press release, Software, automation, scaling, revenue recognition

Having Trouble Scaling a Saas Business?

Posted by Rachel Gonzalez on Nov 4, 2020 10:00:00 AM

Scaling a SaaS business is a unique challenge, and a good problem to have. The need to scale comes from an increase in customers and ARR, and likely greater headcount as well. As you scale, it’s critical that the backbone of your business- your billing and revenue system- is scaling along with you. 

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Topics: billing, SaaS, Pricing, automation, performance economy, churn, revenue recognition

Get better results from your CLM initiatives using finance automation

Posted by Eren Koont on Oct 19, 2020 11:00:00 AM

While it may have taken grand ideas and more than a little ingenuity to build some of today’s most well-known companies (e.g., Amazon, Apple, Disney, Google, HP and Microsoft started in their founders’ garages), the long-term success of businesses these days is built on the backs of customer relationships.

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Topics: billing, recurring revenue, automation, churn, revenue recognition

Digital transformation in FinTech: Automation technology drives value through efficient revenue management

Posted by Eren Koont on Sep 14, 2020 3:18:27 PM

With the term “digital transformation” splashed across business pages for some years now, it’s far too easy to think of it as a “Big Bang” occurrence—a once-in-a-lifetime experience that alters the universe forever. Technology is constantly evolving and the digital transformations we’re witnessing today have their origins in long-progressing industry shifts. The seeds of these shifts were planted many seasons ago.

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Topics: billing, SaaS, operations, automation, performance economy, subscription management

Ordway platform wins TiE50 and SaaS Awards recognitions

Posted by Eren Koont on Sep 3, 2020 11:34:48 AM

We’re very excited to announce that the Ordway billing and revenue automation platform is a 2020 TiE50 Winner in the prestigious TiE50 Awards Program. This ten-year old awards competition is a program of TiEcon, the world's largest conference for tech entrepreneurs.

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Topics: SaaS, operations, press release, DCTech, startup

Ordway Achieves SOC 2. Why it’s important, and three tips for managing the SOC 2 process

Posted by Sameer Gulati on Aug 26, 2020 10:10:07 AM

We are thrilled to announce our next-generation billing and revenue automation platform has successfully completed an audit established by the American Institute of Certified Public Accountants (AICPA) to certify its SOC 2 compliance. This audit means we have the controls necessary to deliver enterprise-quality software for our global customers. Our clients can rest knowing their order-to-revenue workflow is underpinned by the highest quality standards. 

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Topics: operations, press release, change management, build vs buy

Performance Economy Spotlight #6. Bullfrog Power is transforming Canada’s energy landscape with gainsharing

Posted by Eren Koont on Aug 17, 2020 2:11:00 PM

Energy is big business. This spotlight features a Canadian company that’s working to change the energy game. As one of the first social enterprises in Canada, Bullfrog Power uses business as a catalyst for social and environmental change. It embraces the principles of the performance economy by adhering to performance, transparency and accountability all while moving the needle on social and environmental outcomes.

Read these spotlights for more Performance Economy inspiration:

  • M32 Connect – Uses a proprietary, machine learning–driven SaaS “platform of platforms” to help digital publishers maximize the revenue they earn from their advertising assets
  • Indigo Ag – Uses data-driven technological innovations to rethink farming from seed to soil to sale
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Topics: performance economy

Reconnect 50% of your time to revenue-building activities

Posted by Eren Koont on Jul 27, 2020 1:47:00 PM

As if the global marketplace wasn’t volatile enough, factors like the COVID-19 pandemic and a technical skills shortage are making it even more difficult for companies to make ends meet each month. 

As we discuss elsewhere, productivity is a big issue for today’s resource-constrained teams. This is especially the case with distractions brought about by the “new normal” of widespread work from home (WFH). Some employees are contending with getting their jobs done while also caring for family members and keeping households running smoothly (here's a list of 32 tips for working from home). As a result, more lean organizations around the world are finding it increasingly challenging to accomplish the many administrative tasks that consume so many hours of their days such as inputting contract details, setting billing schedules, sending reminders, and so on. Carving out time in the day to focus on strategic activities that can actually grow the business is an afterthought for upwards of 50% of an employee's time.

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Topics: billing, SaaS, automation, startup, scaling

Performance Economy #5. Rethinking the farming business model from seed to sale

Posted by Eren Koont on Jul 17, 2020 10:27:00 AM

We love it when we get to witness the performance economy in action. Why? We believe that, now and in the future, sustainable business success is dependent on delivering greater value with every transaction. But, not just any value... it must be demonstrable to the customer. 

This demonstrability—or “transparency,” as the model calls it—is woven through every fiber of the modern-day performance economy, especially in the way that businesses measure and optimize success for their customers. And digital technology is a key tool in making that transparency possible.

This next performance economy spotlight features a company—Indigo Agriculture—that’s using technology to embed value in every level of their business. What’s more, they’re working to support the environment while doing so.

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Topics: Pricing, Software, performance economy

 

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  • finance resources for growing businesses
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  • tips to streamline your billing and revenue processes
 

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